I think I have the most NA server battles in Pensacola and for my play style it's a solid ship but requires a lot of attention and really good aiming among many other things. I've posted a list of tips about Pepsi play style in some other post. Feel free to look it up.

And buoyancy as well. In-game she floats too high in the water. No need to listen to a detailed explanation on Bernoulli's ideas, just looking at a few WW2 pictures will suffice.
EDIT: there was a played who "simulated" the correct buoyancy in port by raising the water level a certain amount of units and managed to get the correct sailing profile.

Really saddens me to read this. In my pinion, as a cruiser captain, the mighty Pepsi was the only worth playing and enjoyable USN Cruiser, mainly because of the shell path, accuracy and ship maneuverability. On the other hand I'll give the benefit of the doubt to Higgle, let's hope the improved bouncing angle can make up for the new shell trajectory.
I won't give up on you, Pepsi

37% HR with Pensacola with 400+ Battles. No aim assist and playing from South America with roughly 160-180ms ping
For some reason, call it eye memory, or already knowing by heart how far to lead in terms of target distance/speed/angle (only reference is smoke coming from stacks) I can hit consistently if my aiming camera is focused on the front turrets, if it switches to the back guns (have the camera auto switch option disabled but sometimes it just happens), all my shots land behind the target. I don't even follow my shots, just let them fly, right click, scan my surroundings and prepare for the next salvo.

Just a few thoughts: You can help your team more by putting you guns to good use than just assuming a sailing AA role.
Map awareness, scan the minimap as often as possible. Scan your surroundings for enemy ships you may have enter their firing range.
Always pre-aim your guns when you decide to change your heading
Always show the smaller section possible to the enemy and at the same time try to keep all your guns pointed. If need to disengage time your turning when the enemy is reloading because at some point you'll show your whole broadside. Try not to keep course even if not engaging, just tiny changes in heading. When things get fubar, keep track of the largest guns pointing at you so you can avoid incoming shells. APs are your dearest friends against other CLs/CAs, don't go full auto, sometimes you need to hold your shots a bit to wait for the enemy to make a move showing a better target. A good AP punch is always better than slowly burning down enemy cruisers.
Play with other players overconfidence (after all you're sailing the crappiest tier 7 CA according to the public opinion). Never be the tip of the spear.

I honestly enjoy sailing the Pepsi much more than the Cleveland, the arc and accuracy on those 203s can deliver serious punches as long as you sail smart because any shell flying at you can deliver serious damage as well.

It certainly does not. People just need to learn to play it, but like I've always said "once you get the mighty Pepsi you're already spoiled" because Cleveland is a much more forgiving ship.
EDIT: don't take the floating AA platform role, just sail smart and put your main artillery to good use.